Financial Instruments Measured at Fair Value (Tables)

3 Months Ended

Apr. 03, 2021

Fair Value Disclosures

Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis Table [Text Block]

The following table presents assets (liabilities) measured at fair value on a recurring basis at April 3, 2021:

	Balance Sheet Location	Level 1		Level 2		Level 3		Total
Cash equivalents (a)	Cash and cash equivalents	$	6,729	$	—	$	—	$	6,729
Equity investments (b)	Other assets	50,493		—		—		50,493
Interest rate swaps designated as cash flow hedges	Other assets	—		68,503		—		68,503
Foreign exchange contracts designated as net investment hedges	Other assets	—		21,949		—		21,949
		$	57,222	$	90,452	$	—	$	147,674

The following table presents assets (liabilities) measured at fair value on a recurring basis at December 31, 2020:

	Balance Sheet Location	Level 1		Level 2		Level 3		Total
Cash equivalents (a)	Cash and cash equivalents/ other assets	$	6,062	$	—	$	—	$	6,062
Equity investments (b)	Other assets	45,879		—		—		45,879
Interest rate swaps designated as cash flow hedges	Other assets	—		20,983		—		20,983
Foreign exchange contracts designated as net investment hedges	Other assets	—		12,760		—		12,760
		$	51,941	$	33,743	$	—	$	85,684

(a)    Cash equivalents include highly liquid investments with an original maturity of less than three months.

(b)    The company has an 8.4% equity ownership interest in Marubun Corporation and a portfolio of mutual funds with quoted market prices. The company recorded an unrealized gain of $1,402 and an unrealized loss of $9,995 for the first quarter of 2021 and 2020, respectively, on equity securities held at the end of the quarter.

Description of Derivative Hedging Instruments

At April 3, 2021 and December 31, 2020, the company had the following outstanding interest rate swaps designated as cash flow hedges:

Trade Date	Maturity Date	Notional Amount	Weighted Average Interest Rate	Date Range of Forecasted Transaction
April 2020	December 2024	$300,000	0.97%	Jan 2023 - Dec 2025
May 2020	June 2022	$300,000	0.90%	Jan 2021 - Jun 2023

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Text Block]

The effects of derivative instruments on the company’s consolidated statements of operations and other comprehensive income are as follows:

	Income Statement Line	Quarter Ended
		April 3, 2021		March 28, 2020
Gain (Loss) Recognized in Income (Loss)
Foreign exchange contracts, net investment hedge (a)	Interest Expense	$	2,201	$	2,201
Interest rate swaps, cash flow hedge	Interest Expense	(351)		(1,529)
Total		$	1,850	$	672
Gain (Loss) Recognized in Other Comprehensive Income      (Loss) before reclassifications, net of tax
Foreign exchange contracts, net investment hedge (b)		$	6,978	$	17,647
Interest rate swaps, cash flow hedge		36,085		(29,556)
Total		$	43,063	$	(11,909)

(a)Represents derivative amounts excluded from the assessment of effectiveness for the net investment hedges reclassified from CTA to Interest and other financing expenses, net.

(b)Includes derivative gains (losses) excluded from the assessment of effectiveness for the net investment hedges and recognized in other comprehensive income (net of tax) of $(5,091) and $17,994 for the first quarter of 2021 and 2020, respectively.

Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member]

Fair Value Disclosures

Description of Derivative Hedging Instruments

At April 3, 2021 and December 31, 2020 the company had foreign exchange contracts to sell Euro and buy United States Dollars, with various maturity dates as noted in the table below:

Maturity Date	Notional Amount
March 2023	EUR 50,000
September 2024	EUR 50,000
April 2025	EUR 100,000
January 2028	EUR 100,000
Total	EUR 300,000